NBA-SBL, policy makers forge alliance for businesses to flourish

The Nigerian Bar Association (NBA) Section on Business Law ( SBL),  has proposed strategies to make businesses flourish in the face of challenges posed by COVID-pandemic.

It featured experts who shared ideas last week during its 14th Annual e-conference.

The two-day conference had two plenary sessions, three breakout sessions and a fireside chat on the first day.

The  e-conference was declared open by Chief Justice of Nigeria, Justice Ibrahim Muhammad.

Opening remarks were made by SBL chairman Mr. Seni Adio (SAN) and NBA President, Mr.  Paul Usoro (SAN).

Goodwill messages were given by Lagos State Governor Babajide Sanwo-Olu, Governor Seyi Makinde of Oyo State; while the keynote address was by the President, Global Government Affairs and Policy (GAP) and Developed Markets for General Electric, Senator William “Mo” Cowan.

The first plenary session, titled Disrupting the status quo: charting the path for an alliance involved discussions between entrepreneurs and policy makers on forging a new alliance under which businesses can flourish.

It featured Minister of Mines and Steel Development, Olamilekan Adegbite.

The discussants noted among others that Nigeria has attracted significant Foreign Portfolio Investments (FPIs) and Foreign Direct Investments (FDIs)  since the pandemic began, and that government is working on putting in place policies to avoid depression, although recession may be unavoidable.

During a fireside chat with the theme: Changes on the horizon: the future of Company Law in Nigeria, reference was made to the Companies and Allied Matters Bill that was passed by the National Assembly.

The Bill covers a wide range of measures which, once it receives presidential assent, would see significant operational and legislative changes to company law, impacting new and existing businesses.

In this session, the Registrar General of the Corporate Affairs Commission (CAC) discussed the forthcoming changes to Company Law in Nigeria.

They include the introduction of a mailing system and e-filing that enables documentations and signature, filling during change of directors, registration, change of name, and submission of financial statement to be done electronically.

The CAC also has a plan to start issuing e-certificates. This will come to fruition before the end of the year. It was said that this will help the Commission’s integrity and will subsequently be published for clients to see.

In the second breakout session, Fossilised: end of the oil and gas industry as we know it?, the experts observed that the plunging demand for oil brought about by the coronavirus pandemic, combined with a savage price war, had presented the oil industry with the gravest challenge in its 100-year history.

They mulled over what would  be the short- and longer-term impacts for the oil industry.

They noted that going forward, the season would affect the balance on the supply sides and prices might remain low for a while. It could also trigger struggle for market share and might damage the market the more, thus affecting tax and investment. Also, issues of social inclusiveness such as sustainability must be emphasised, they suggested.

It was also noted that many countries have closed their borders for exports; 42 borders have been closed, either partially or fully.

According to them, this will make African Continental Free Trade Area (AFCTA) less difficult from country to country because of the differences in legal frameworks.

It was suggested that to ensure free trade agreement establishment across countries in Africa, nations must ensure the use of standard business and market negotiation, instituting neutral bodies to address standards, and to ensure border barriers are removed.